China’s biggest state-owned aluminum company is closing its largest smelter and the UK government says its steel sector has reached crisis mode.
Even China’s State-Owned Giants are Closing Aluminum Smelters
Chinalco said last week that it will shutter its biggest aluminum smelter as Shanghai Futures Exchange price hit new record lows.
Chinalco VP Jiang Yinggang announced the shutdown of the Liancheng smelter in the province of Gansu last week during a visit with other company officials, according to a report on the website of industry body China Nonferrous Metals Industry Association.
UK Steel Sector Has Reached Crisis Level
Time is running out to save the British steel sector, steelmakers and unions warned on Friday following news of hundreds more possible job cuts.
Tata Steel, the biggest steelmaker in the country, is expected to cut around 1,200 jobs at its Scunthorpe plant in England, a union source said earlier. The firm has already cut thousands of UK jobs since it entered the sector in 2007.
A Tata spokesman said it continued to review the performance of its business, without addressing reports of job losses.